HomeMy Public PortalAboutResolutions-2017-034
DocuSign Envelope ID: 0428A9FA-91CA-4028-A6DB-4F48ADF274D4
CITY OF TIFFIN, IOWA
URBAN RENEWAL PLAN AMENDMENT
2017 PARK PLACE COMMERCIAL URBAN RENEWAL AREA
June 6, 2017
2017 Park Place Commercial Urban
Urban Renewal is being amended for the purposes of updating the
.
1)
The Cityapproved the Park Place Commercial Development Project in the Plan on May 2, 2017.
It is now necessary to update the description of the Park Place Commercial Development Project
to read as follows:
Name of Project:
Park Place Commercial Development Project
Name of Urban Renewal Area:
2017 Park Place Commercial Urban Renewal Area
Date of Council Approval of Project:
May 2, 2017 and updated on June 6, 2017
Description of Project and Project Site:
DERS Development, LLC Park Place
defined in Section II of this Plan), including the corresponding construction of
improvements to Park Road, Oakdale Boulevard and Forevergreen Road necessary for
such commercial development.
It has been requested that the City provide tax increment financing assistance to the Park
Place Developer in support of the efforts to complete the Park Place Commercial
Development Project.
The costs incurred by the City in providing tax increment financing assistance to the Park
Place Developer will include l
in in an
amount not to exceed $30,000.
Description of Public Infrastructure:
It is not anticipated that the City will install
public infrastructure in connection with the carrying out of the Project.
Description of Properties to be Acquired in Connection with Project:
It is not
anticipated that the City will acquire real property in connection with the carrying out of
the Project.
Description of Use of TIF
: The City intends to enter into a Development Agreement
with the Park Place Developer with respect to the construction and use of the completed
Project and to provide annual appropriation economic development payments (the
DocuSign Envelope ID: 0428A9FA-91CA-4028-A6DB-4F48ADF274D4
Park Place Developer thereunder. The Payments will be funded with
incremental property tax revenues to be derived from the Property. It is anticipated that
th respect to the Park
Place Development Project will not exceed $13,000,000, plus the Admin Fees.
2) Required Financial Information.
The following information is provided in
accordance with the requirements of Section 403.17 of the Code of Iowa:
Constitutional debt limit of the City: $10,705,811
Outstanding general obligation debt of the City: $
Proposed debt to be incurred in area to be added
in connection with this June, 2017 Amendment: $13,030,000*
*It is anticipated that some or all of the debt incurred hereunder will be subject to
annual appropriation by the City Council.
2
Certificate Of Completion
Envelope Id: 0428A9FA91CA4028A6DB4F48ADF274D4Status: Completed
Subject: Please DocuSign: 2017-034 - Hold Hrg Approve UR Amend no adds (Tiffin-16 2017).docx, 2017-034 ...
Source Envelope:
Document Pages: 24Signatures: 20Envelope Originator:
Supplemental Document Pages: 0Initials: 0ASHLEY PLATZ
Certificate Pages: 5
AutoNav: EnabledPayments: 0300 Railroad St
EnvelopeId Stamping: EnabledPO Box 259
Time Zone: (UTC-08:00) Pacific Time (US & Tiffin, IA 52340
Canada)AJAY@TIFFIN-IOWA.ORG
IP Address: 10.102.101.11
Record Tracking
Status: OriginalHolder: ASHLEY PLATZLocation: DocuSign
6/9/2017 8:03:42 AM AJAY@TIFFIN-IOWA.ORG
Signer EventsSignatureTimestamp
Mike RyanSent: 6/9/2017 8:08:40 AM
mcryan@me.comViewed: 6/9/2017 11:30:06 AM
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Accepted: 6/9/2017 11:30:06 AM
ID: 3c29d9b5-a292-42d3-ab7f-3dc8371ff107
Doug BoldtSent: 6/9/2017 11:32:22 AM
dboldt@tiffin-iowa.orgViewed: 6/9/2017 11:45:44 AM
Security Level: Email, Account Authentication Signed: 6/9/2017 11:47:22 AM
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Electronic Record and Signature Disclosure:
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